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Market Report

Wednesday, 26-Aug-2015

NSE

  • Reversing its intraday gains, the 30-share BSE Sensex fell 317.72 points, or -1.22 per cent, to settle at 25714.66 amid high volatilty. The broader 50-share Nifty closed the session with Nifty ending below the crucial level of 7,800 at 7791.85 today, down 88.85 points, or -1.13 per cent. Bank Nifty was the top sectoral loser, down 284 points, or -1.65 per cent.

  • The market sentiment remained wary despite policy moves by the China's central bank (PBOC) late on Tuesday in a bid to support the economy. Investors were jittery, worrying that the fresh rate cuts would not be sufficient to stabilise the world's second largest economy or put a break on the fall in global equity markets.

  • Meanwhile, FIIs have been relentless sellers in our markets in the last few days. See our 'Market Statistics' page. Analysts say that unless selling pressure from foreign institutional investors abates, Indian markets are unlikely to gain a steady footing.

  • Earlier in the day, most Asian markets ended the day on a mixed note. Major European markets were trading with a negative bias. Reversing its gains from the previous session, the rupee depreciated 29 paise to 66.38 against the US dollar in trade today at the Interbank Foreign Exchange market due to fresh dollar demand from importers.

  • See a 400-point fall in Nifty; 7930 a strong resistance, says Sandeep Wagle. On Monday we broke a very crucial support of 7940. Yesterday and today, both the days we went very near that, yesterday it was 7930, today it was 7930 again and from there we have reversed so that suggests that very clearly that level is here to stay as a very strong resistance. The bulls do not have the power to take it past beyond that. Given a choice between a 200-point upside or 400-point downside, I would bet on that 400 point downside, he says.

  • Expect Nifty to fall further if it breaches below 7700, says Ashwani Gujral. A lot of stocks are now down 20-25% from just five, six days. This market has not been able to rally even 100 points from the lows so chances are that next series will also start on a fairly bad note. The way large stocks are still falling, at 7700 somebody should be buying, but they are not. So chances are that there is more downside to come in. If 7700 is taken out tomorrow, day after, maybe the final bulls will also throw in the towel, he says.

  • Stocks are expected to remain volatile ahead of the August derivatives contracts expiry tomorrow.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)